Issue of Equity

Ormonde Mining PLC
24 May 2002



                Ormonde Mining plc ("Ormonde" or "the Company")

                    Placing of 5,099,507 New Ordinary Shares


The Company is pleased to announce the arrangement of a placing of 5,099,507 New
Ordinary Shares in the Company at 6c per share, representing 7.48% of the
existing issued share capital of the Company. The proceeds of the placing, being
€305,970 gross, or €296,603 net of expenses, will be used to finance ongoing
exploration at the Company's joint venture licence areas in the Tamalt area in
northeastern Morocco, on its ground in Galicia, in northwestern Spain, and for
general working capital purposes.

Application has been made to the Irish Stock Exchange for the New Ordinary
Shares, which will rank pari passu in all respects with the existing issued
Ordinary Shares in the Company, to be admitted to dealing on the Exploration
Securities Market of the Irish Stock Exchange and it is expected that dealings
will commence therein on 29 May 2002. Of the total number of New Ordinary Shares
issued, 32% of these were placed in London, whilst the Directors took up just
under 20%.

Mr. Kerr Anderson participated in respect of 250,000 New Ordinary Shares, Mr.
Colin Andrew in respect of 424,507 New Ordinary Shares and Mr. John Carroll in
respect of 333,333 New Ordinary Shares, bringing their respective interests in
Ordinary Shares to 471,629, 893,754 and 1,801,944 and representing 0.64%, 1.22%
and 2.46% respectively of the issued share capital of the Company as enlarged by
the issue and allotment of the New Ordinary Shares.


Enquiries to:

Kerr Anderson - Managing Director                 John Carroll - Director
Ormonde Mining plc                                Ormonde Mining plc
Tel: [phone]                              Tel: [phone]
[e-mail]                       [e-mail]


24 May, 2002


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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